Japan to enter dollar swap agreement with India: Nikkei1 min read . Updated: 25 Dec 2011, 12:45 PM IST
Japan to enter dollar swap agreement with India: Nikkei
Tokyo: The Japanese government is considering a dollar swap arrangement with India to provide emergency liquidity in case the European debt crisis reaches emerging economies, the Nikkei business newspaper said on Sunday.
Both countries are looking to sign off on the arrangement next Wednesday, when leaders meet at a bilateral summit, the paper said.
The currency swaps are expected to support the Indian rupee as it continues to weaken against the greenback and Europe’s sovereign debt crisis hits India’s exports.
The dollar-swap arrangement with India would follow a similar agreement with South Korea in October.